Linden Inc. has authorized share capital of 500,000 common shares and 100,000 preferred shares. On January 1, 2016, the balance in its shareholders equity included: 12,000 common shares valued at $70,000, 5,000 preferred shares valued at $43,500 and Retained earnings of $35,000. Profit for the year ending December 31, 2016 was $31,000. No dividends were declared or paid to any shareholders during 2016. During 2016, Linden had the following share transactions: May 1 Issued 11,000 common shares for $10 each. July 30 Issued 800 preferred shares for $12 each. Oct 8 Issued 30,000 common shares in exchange for Building valued at $275,000. Required: Prepare the equity section of Linden Inc. balance sheet on December 31, 2016. D, Fess